actuary

Actuary

A statistician who computes insurance andPensionrates and premiums on the basis of the experience of people sharing similar age and health characteristics.

The profession also includes statisticians who provide expert data analysis on risk assessment and risk management for the financial services sector. Actuaries are most often employed within the insurance industry, but also prepare and assess data for commercial and investment banks, retirement and pension fund administrators, or are self-employed as consultants. Specific data prepared by actuaries is often presented in the form of actuarial tables (mortality tables) that indicate the life expectancy of an individual. Such tables may be used as the bases for calculating estimated insurance premiums or monthly retirement annuities. When utilized by expert witnesses, actuarial tables are admissible in evidence to show life expectancy. Juries may award damages to plaintiffs for compromised life expectancy resulting from the alleged wrongdoing of tortfeasors (wrongdoers).

The research project " Insurance Analytics from Data Analysis to Decision Making" from the University of Wisconsin-Madison's Department of Actuarial Science, Risk Management and Insurance, will emphasize the role of insurance data analytics.

The obvious purposes of an actuarial report include a reserve estimate to support the company's financial statements and an estimate of retained losses for the upcoming year to support the company's budgeting process.

As in the 2006 study, both the auditor and actuarial markets remained dominated by a handful of firms servicing the larger, group-affiliated insurers, with a significant number of smaller accounting and actuarial firms filling the needs of small independent insurers and those with less standard ownership or profit structures.

In addition, the standard requires comparison of contributions made to annual other post-employment benefits cost, changes in the net other post-employment benefits obligation (as of the most recent actuarial date the funded status of each plan) and a description of the actuarial valuation process with significant methods and assumptions used.

In general, amortization of unrecognized amounts that would typically reduce expense or generate income under Statements 87, 88 and 106 (for example, transition assets, other actuarial gains and negative plan amendments in the postretirement plans) were reflected as part of the cumulative catch-up adjustment required to be recorded upon initial application of the new standard.

OPTION 1: Actuarial Consulting Services - MCERA seeks one qualified actuarial firm to perform actuarial services to provide annual valuations of the MCERA, and experience study every three (3) years, and other actuarial services on an "as needed" basis.

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